According to Chinese media reports on the 30th, the top executives of the National Integrated Circuit Industry Investment Fund, the “big fund” behind China’s semiconductor development, have recently been investigated by the Chinese government, and even the general manager Ding Wenwu has suffered.
The National Supervisory Commission of the Central Commission for Discipline Inspection of China said that Ding Wenwu, the general manager of the big fund, is currently under disciplinary review by the Disciplinary Inspection and Supervision Group of the Central Commission for Discipline Inspection of the Central Commission for Discipline Inspection of the Ministry of Industry and Information Technology, and the Beijing Municipal Commission of Supervision, due to suspected serious violations of discipline and law.
Ding Wenwu has served as the general manager of the big fund since its establishment, but it was reported that he was taken away by the Chinese government for investigation on the evening of the 28th of this month. Gao Songtao, vice president of Huaxin Investment, was also investigated for suspected serious violations of discipline and law by the Chinese government.
According to the China Securities Regulatory Commission’s decision on administrative punishment, Gao Songtao was involved in an insider trading case related to a listed company in 2017.
The National Integrated Circuit Industry Investment Fund was established in late September 2014. The first phase of the large fund exceededRMB 130 billion yuan. The second phase was established in October 2019, with a scale of more than 200 billion yuan. It mainly focuses on investing in the semiconductor industry and establishing supply chains such as IC design, packaging and testing, equipment and materials.
The main shareholders behind the big fund are the Ministry of Finance, holding 36.5%, CDB Financial holding 22.3%, China Tobacco holding 11.14%, Beijing Yizhuang International Investment and Development holding 10.13%, China Mobile Group holding 5.06%, other shareholders holding shares 14.9%.
The first-phase investment companies of the big fund include 20 companies including Huiding Technology, Zhaoyi Innovation, Jingfang Technology, Taiji Industry, China Resources Micro, Rockchip, North Huachuang, and Sanan Optoelectronics. At present, the first phase has entered the exit period. Some investment projects will be phased out in 2019-2024.
However, the second phase of the big fund has now taken over the semiconductor investment plan, mainly focusing on the field of semiconductor equipment and materials. Tian Technology and other 10 companies.
